With billions of pounds potentially owed to UK car finance customers, the obvious question is: how much could I actually get? The honest answer is that it varies — but there are clear factors that determine your payout, and for many people the figure will be meaningful.
The Range of Likely Payouts
Based on industry analysis and early FCA guidance, individual compensation amounts are expected to range from a few hundred pounds to over £5,000 per agreement. The most commonly cited average is in the region of £1,000 to £2,000, though customers with larger or longer-term deals could receive considerably more.
What Factors Affect Your Amount?
The size of your original finance agreement matters — a £25,000 deal will generate a larger absolute overcharge than a £10,000 one. The interest rate you were charged relative to what you should have paid also determines the gap, as does the length of your agreement. The longer the term, the more interest payments were affected.
Could You Be Owed Car Finance Compensation?
Millions of UK drivers may be entitled to a refund. Check your eligibility in under 2 minutes — no upfront cost, no obligation.
Will I Also Receive Statutory Interest?
Potentially yes. In many financial mis-selling cases, redress includes 8% statutory interest on the overcharged amount, calculated from the date of each payment. For agreements that are several years old, this could add a significant sum on top of the base figure.
What About Multiple Agreements?
If you took out more than one PCP or HP agreement before January 2021, you may be able to claim on each one separately. If you changed cars every three to four years, your total compensation could be two or three times the per-agreement figure.
When Will Payments Be Made?
Lenders have been given extended time by the FCA to process complaints, and payments are not expected to begin widely until late 2025 at the earliest. That is exactly why registering now matters. Start your eligibility check today to get in the queue before deadlines are set.